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CYBER INSURERS COULD REDUCE LOSS RATIOS UP TO 16% BY REMOVING MOST-AT-RISK
ENTITIES, PER GALLAGHER RE ANALYSIS OF BITSIGHT DATA

October 22, 2024
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Global study of 62,000 organizations, 589 million IP addresses identifies
correlated predictors of cybersecurity risk

BOSTON – Oct. 22, 2024 – A new study conducted by Gallagher Re, a leading global
reinsurance broker, evaluated Bitsight analytics of security performance data of
62,000 organizations across 67 countries and its own proprietary database
containing cybersecurity incidents and claims. The study concluded that poor
performance in certain key areas increased an organization’s risk of
experiencing a cybersecurity incident and subsequent claim, while strong
performance implied a lower risk of incident.

Key predictors of cybersecurity risk – valuable information for enterprise
cybersecurity leaders and the cyber insurers that offer policies to cover that
risk – include:

 * External scanning data could improve insurance loss ratios: By using targeted
   external scanning data in addition to firmographics to identify and remove
   the most damaging 20% of risks, insurers could see a loss ratio reduction of
   up to 16.4%.
 * “Cyber footprint” is a strong predictor of claims: The size of an
   organization's attack surface – as measured by the number of IP addresses a
   company maintains – was found to be a strong predictor of claims. This is a
   significant finding for insurers, who traditionally have focused on
   firmographics to underwrite policies, like employee count, industry, or
   revenue rather than using technographic data.
 * Single Point of Failure data and third-party dependencies are highly
   predictive of claims: As the enterprise tech stack grows, so too does the
   potential attack surface. Observed use of certain technology products
   materially increased the likelihood of a claim. This data holds great promise
   for the insurance industry and future risk modeling approaches.
 * Cyber hygiene remains critical: From patching speed to the use of HTTP
   headers, proper deployment of SSL certificates, DNS security, proper endpoint
   management and more, nine Bitsight risk vectors measuring essential
   cybersecurity practices were found to be correlated with cybersecurity
   incidents. Taking care of the basics can measurably reduce risk of incidents.

"This study provides clear, actionable insights for both insurance companies and
enterprises on the efficacy of security controls,” Ed Pocock, Global Head of
Cyber Security at Gallagher Re. “Leveraging Bitsight's data, we've not only
established a direct link between weak cybersecurity controls and higher
insurance claims, but also highlighted additional strategies for insurers to
more effectively assess an organization's cyber risk and potentially improve
loss ratios."

Additionally, enterprise cybersecurity leaders will be able to use these
insights and analyses to prioritize their program investments, lower the
probability of experiencing an incident, and make critical risk decisions.

“For years, Bitsight analytics have been independently proven to have strong
correlation with security incidents,” said Derek Vadala, Chief Risk Officer at
Bitsight. “Gallagher Re’s analysis demonstrates that there is even more to the
story – that meaningful, new insights, such as assessing the risk of Business
Email Compromise (BEC), can be created through analyzing different parts of our
massive trove of data. We are excited by these findings and will continue to
explore the incredible opportunities ahead of us.”

Download the full study here.

About Bitsight
Bitsight is a global cyber risk management leader transforming how organizations
manage exposure, performance, and risk for themselves and their third parties.
Companies rely on Bitsight to prioritize their cybersecurity investments, build
greater trust within their ecosystem, and reduce their chances of financial
loss. Built on over a decade of market-leading innovation, Bitsight’s integrated
solutions deliver value across enterprise security performance, digital supply
chains, cyber insurance and data analysis. For more information, visit
bitsight.com or connect with us on LinkedIn.

About Gallagher Re
Gallagher Re is a full-service global reinsurance broking and advisory firm
operating across the risk and capital spectrum. By combining analytics
capabilities with reinsurance expertise, strategic advisory services and
transactional excellence, Gallagher Re helps clients drive greater value from
their businesses, negotiate optimum terms and achieve your risk transfer
objectives. Its global client base includes all of the world’s top insurance and
reinsurance carriers as well as national catastrophe schemes in many countries
around the world. Backed by Gallagher, one of the world’s largest insurance
brokerage, risk management and benefits consulting companies, we’re more
connected to the places you do business. Whether your operations are global,
national or local, we have the talent, market position and trusted relationships
to build the best solutions possible. gallagherre.com

BitSight Technologies, Inc.
111 Huntington Ave, Suite 400
Boston,  MA  02199
United States of America

+1-617-245-0469




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